Examples of Prepetition Revolving Credit Agreement in a sentence
Each Holding Lender has the right pursuant to applicable state law, Section 10.08 of the Prepetition Revolving Credit Agreement and section 553 of the Bankruptcy Code to set off Prepetition Revolving Credit Agreement Obligations owed to such Holding Lender against the funds of the Debtor held in the accounts of such Holding Lender.
The amount of the Prepetition Revolving Credit Agreement Obligations owed to each Prepetition Revolving Lender as of the Petition Date is no less than the amount set forth in the table below.
Pursuant to the Prepetition Revolving Credit Agreement, the Prepetition Revolving Lenders made commitments to provide unsecured revolving loans and make letters of credit available to the Debtor in an aggregate amount not to exceed $500,000,000.
This perception was further confirmed in interviews in the Duma and Federation Council, 12 October.
To the extent not paid in full in Cash prior to the Effective Date, on the Effective Date, the Allowed Prepetition Revolving Credit Claims will, in full satisfaction, settlement, discharge and release of, and in exchange for, such Claims, be indefeasibly paid in full in Cash and the Prepetition Revolving Credit Agreement Liens will be deemed discharged, released, and terminated for all purposes without further action of or by any Person or Entity.
The setoff right of each Holding Lender is equal to the lesser of (i) such Holding Lender’s share of Prepetition Revolving Credit Agreement Obligations and (ii) the amount of Debtor funds held in the accounts of such Holding Lender on the Petition Date (such amount, in aggregate, or with respect to each Holding Lender’s respective share thereof, as applicable, the “Setoff Amount”, and such funds, the “Holding Lender Cash”).
As of the Petition Date, and without giving effect to this Interim Order, the Debtors are not aware of any liens or security interests over the Prepetition Collateral of the Prepetition Loan Parties having priority over the Prepetition Liens, except certain Permitted Liens (as defined in the Prepetition Revolving Credit Agreement).
None of the Borrower or any of its Subsidiaries will create, incur, assume or otherwise cause or suffer to exist or become effective any Lien on any Eligible Aircraft, Eligible Engines, or Eligible Inventory that secures any Indebtedness or any related guarantees (other than Liens to secure the Obligations, the Senior Note Indebtedness, the Indebtedness under the Prepetition Revolving Credit Agreement and the Indebtedness under the DIP Revolving Credit Agreement.
The outstanding principal amount under the Prepetition Revolving Credit Agreement is $316.74 million plus accrued and unpaid interest.The Prepetition Revolving Credit Agreement is secured by a junior lien on the current assets of Weatherford Parent and certain subsidiaries of Weatherford Parent.
All letters of credit issued and outstanding under the Prepetition Revolving Credit Agreement or the DIP Facility as of the Effective Date will be either replaced by substitute letters of credit or returned and cancelled.